Homburg Invest Inc. (Euro next Amsterdam: HII, TSX: HII.A and HII.B) has completed its purchase of four large commercial properties in The Netherlands. The acquisition was originally announced in November 2005.
The four commercial properties include the KPN Telecom Head Office in Groningen, the Philips Lighting Headquarters and Research facilities in Eindhoven and two David Lloyd facilities in Rotterdam. All four properties are leased by world-class, triple A, public companies on a long-term lease basis. The aggregate cost to Homburg Invest for these properties amounted to approximately €140 million (CAD196 million) and was financed by newly arranged long term financing of €103 million (CAD145 million), cash of €13 million (CAD18 million) and Class A shares of Homburg Invest totalling €24 million (CAD33 million). This resulted in the issue of 5,950,000 Class A Subordinate Voting Shares at $5.60 per share.